license fees IMO

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plankton

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license fees IMO

posted on Oct 10, 2011 11:07AM

ok, somebody posted a while back that our accounts receivable were only 98k....they are not looking at the dates....that was our PRIOR AR...as of last quarterly report, 8/12/11, we have OVER 1 million in licensing receivables!! Also, this is over 88% from one licensee..see below (Both excerts below are from quarterly 8/12/11)

NOW, IMO, the announced royalty agmts, have previously resulted in small revenues or small account receivables, therefore, IMO< the AR seems to be from Panasonic....the only PR that didn't state EITHER one time fee OR royalty agreement...there are 2 other possibility for others owing us over a mill......settlement no 14???, or there could have been ANOTHER unannounced settlement similar to #14. IMO panasonic is likely. In any event, IMO i think this is the ONLY time that we've had this amount of lic receivable, especially AFTER a profitable quarter AND W THREE pending settlements to be announced in Nov quarterly....if you ask lowly Plank, Fred is definitely earning his salary. Plank believes all is well. Look at the increase in total assets: 2.1 million to 3.8 in one quarter....

Revenues from two licensees comprised 47% and 46% of revenue for the three months ended June 30, 2011, with no other licensee or customer accounting for more than 10% of revenues. Revenues from three customers comprised 44%, 18% and 14% of revenue for the three months ended June 30, 2010, with no other customer accounting for more than 10% of revenues. Accounts receivable from one licensee comprised 88% of net accounts receivable at June 30, 2011.

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,
	2011			March 31,
	(Unaudited)			2011
	$			$
ASSETS
Current
Cash and cash equivalents		2,429,408			1,805,894
Accounts receivable		1,162,712			98,152
Inventory		219,883			256,458
Deposits and prepaid expenses		33,974			30,327
Total current assets		3,845,977			2,190,831
Property, equipment and intangibles, net of accumulated depreciation and amortization of $195,461 and $194,461, respectively		5,145			6,506
Total assets		3,851,122			2,197,337
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable, trade		571,917			24,466
Accrued and other liabilities		524,386			153,013
Total current liabilities		1,096,303			177,479

Commitments and Contingencies

Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized None issued and outstanding		-			-
Common stock, $0.001 par value, authorized 350,000,000, 293,003,158 shares issued and outstanding each period		293,003			293,003
Additional paid-in capital		82,770,812			82,767,088
Accumulated deficit		(80,308,996	)		(81,040,233	)
Total stockholders' equity		2,754,819			2,019,858

Total liabilities and stockholders' equity		3,851,122			2,197,337